As per reports, Apple (AAPL) is launching a new service that will allow small businesses to accept payments directly on their iPhones without extra hardware. To receive payments on iPhone, retailers currently use payment terminals on their iOS devices that are connected via Bluetooth, such as Block Inc.’s Square payment systems. The upcoming feature will instead turn the iPhone into a payment terminal, allowing merchants to accept payments with the tap of another iPhone or a credit card onto the back of their device. The system will likely use iPhone near field communications, or NFC, chip that is currently used for Apple Pay.
Apple has been working on the new feature since around 2020 when it paid about $100 million for Mobeewave, a Canadian startup, that developed technology for smartphones to accept payments with the tap of a credit card. Apple declined to comment on the matter.
Dow 30 component Apple (AAPL) has revolutionized personal technology with the introduction of the Macintosh in 1984. Today Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s four software platforms — iOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to “leaving the world better than they found it. To learn more about Apple (AAPL) and track its ongoing progress at Vista Partners Apple (AAPL), Coverage Page.
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